SourcingOct 23, 2025
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Another Diamond Company CEO Steps Down
Mark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
Rough diamonds from the Gahcho Kué mine in Canada’s Northwest Territories. Mountain Province Diamonds operates the mine in partnership with De Beers Canada. Earlier this month, Mountain Province announced its president and CEO was stepping down after four years on the job. (Photo courtesy of Mountain Province Diamonds)
Toronto—The head of another small diamond mining company has stepped down as the slowdown in demand for rough diamonds continues to impact producers.
Mountain Province Diamonds, which operates the Gahcho Kué mine in Canada in a joint venture with De Beers Canada, announced Nov. 12 that President and CEO Mark Wall is leaving the company to “pursue other opportunities.”
Wall, who came on board in 2021 as a replacement for former De Beers executive Stuart Brown, will stay with the company until Dec. 19 to assist with the transition.
Mountain Province announced Wall’s resignation the day after it reported its third-quarter financial results, mirroring what happened earlier this year at Petra Diamonds Ltd.
In the third quarter ended Sept. 30, the mining company saw revenue fall while losses nearly tripled.
Mountain Province sold 409,081 carats of diamonds in Q3 2025, down 40 percent from 679,599 carats in Q3 2024.
The average realized price-per-carat was $52, down from $75 in the prior-year period.
Revenue fell 58 percent year-over-year to $21.2 million from $50.8 million a year ago. The company’s net loss nearly tripled, reaching $39.8 million.
Mountain Province, which is based in Toronto, said the loss is partially attributable to the weakening of the Canadian dollar to the U.S. dollar.
Year-to-date, Mountain Province’s sales are down 50 percent and losses have increased by more than 500 percent.
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Mountain Province Diamonds, which operates the Gahcho Kué mine in Canada in a joint venture with De Beers Canada, announced Nov. 12 that President and CEO Mark Wall is leaving the company to “pursue other opportunities.”
Wall, who came on board in 2021 as a replacement for former De Beers executive Stuart Brown, will stay with the company until Dec. 19 to assist with the transition.
Mountain Province announced Wall’s resignation the day after it reported its third-quarter financial results, mirroring what happened earlier this year at Petra Diamonds Ltd.
In the third quarter ended Sept. 30, the mining company saw revenue fall while losses nearly tripled.
Mountain Province sold 409,081 carats of diamonds in Q3 2025, down 40 percent from 679,599 carats in Q3 2024.
The average realized price-per-carat was $52, down from $75 in the prior-year period.
Revenue fell 58 percent year-over-year to $21.2 million from $50.8 million a year ago. The company’s net loss nearly tripled, reaching $39.8 million.
Mountain Province, which is based in Toronto, said the loss is partially attributable to the weakening of the Canadian dollar to the U.S. dollar.
Year-to-date, Mountain Province’s sales are down 50 percent and losses have increased by more than 500 percent.
Mountain Province said its board of directors and nomination committee will search for a replacement for Wall and will provide an update when appropriate.
Commenting on Wall’s departure, Board Chairman Jonathan Comerford said, “On behalf of the board, I would like to thank Mark for his substantial contribution to the company and the operations of the Gahcho Kué mine over the past four years, during what has been a very challenging period for both the company and the diamond industry as a whole.
“We wish him every success in his future endeavors.”
Mountain Province owns 49 percent of the Gahcho Kué mine while De Beers Canada owns the remaining 51 percent.
The company also controls more than 200,000 acres of mineral claims and leases surrounding Gahcho Kué, including for the Kelvin and Faraday kimberlites.
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